Financial Performance - For the three months ended March 31, 2024, net loss from continuing operations decreased by 8millionto174 million, compared to a net loss of 182millionforthesameperiodin2023[134].−Netincome(loss)attributabletoBrookfieldBusinessPartnersforthethreemonthsendedMarch31,2024wasalossof150 million, compared to a loss of 140millionforthesameperiodin2023[135].−RevenuesforthethreemonthsendedMarch31,2024were1,865 million, consistent with revenues for the same period in 2023, driven by higher recurring revenues in dealer software and technology services[136]. - Revenues for Q1 2024 were 12,015million,adecreaseof12.713,758 million in Q1 2023[156]. - Net income for Q1 2024 was 203million,withtotalassetsat81,415 million and total liabilities at 63,015millionasofMarch31,2024[156].−AdjustedEBITDAforQ12024was622 million, compared to nilinthepreviousyear[156].OperatingCosts−DirectoperatingcostsforthethreemonthsendedMarch31,2024were1,652 million, an increase from 1,616millioninthesameperiodof2023[133].−Directoperatingcostsincreasedby36 million to 1,652millionforQ12024,comparedto1,616 million in Q1 2023[137]. - General and administrative expenses for the three months ended March 31, 2024 were 64million,comparedto61 million for the same period in 2023[133]. - General and administrative expenses rose by 3millionto64 million in Q1 2024, up from 61millioninQ12023[137].−InterestexpenseforthethreemonthsendedMarch31,2024was210 million, slightly down from 212millioninthesameperiodof2023[133].−Interestexpense,netdecreasedby2 million to 210millioninQ12024,comparedto212 million in Q1 2023[137]. - Current income tax expense increased by 34millionto44 million in Q1 2024, compared to 10millioninQ12023[140].CashFlowandLiquidity−CashflowusedinoperatingactivitiesforQ12024was53 million, an improvement from 140millionusedinQ12023[168].−Cashandcashequivalentsdecreasedto743 million as of March 31, 2024, down from 772millionattheendof2023[166].−Thecompanyaimstomaintainstrongliquiditythroughcashflows,creditfacilities,andmonetizationofmatureoperations[157].AssetsandLiabilities−Property,plant,andequipmentdecreasedby121 million to 2,622millionasofMarch31,2024,comparedto2,743 million at the end of 2023[149]. - Financial assets increased by 79millionto303 million as of March 31, 2024, compared to 224millionattheendof2023[147].−Totalnon−recourseborrowingsinsubsidiariesdecreasedto8,545 million from 8,823millionasofDecember31,2023[158].−TotalcontractualobligationsasofMarch31,2024,amountedto17,314 million, with 2,730millionduewithinoneyear[179].CorporateActionsandChanges−Thecompanydeclaredaquarterlydividendof0.0625 per exchangeable share, payable on June 28, 2024[165]. - The company has a commitment agreement with Brookfield for up to 1.5billioninperpetualpreferredequitysecurities,with725 million subscribed from other subsidiaries as of March 31, 2024[162]. - The company continues to focus on enhancing cash flows and opportunistically recycling capital to grow existing operations and make new acquisitions[132]. - The company adopted amendments to IAS 1 regarding the classification of debt and other liabilities as current or non-current, effective January 1, 2024, with no material impact on the unaudited interim condensed consolidated financial statements[186]. - There were no changes in internal control over financial reporting that materially affected or are likely to materially affect internal control during the period from January 1, 2024, to March 31, 2024[185]. - There are currently no future changes to IFRS expected to have material impacts on the company[187]. Discontinued Operations - The company’s nuclear technology services operation was sold in November 2023 and is presented as a discontinued operation[131]. Tax and Regulatory Matters - The 2024 Canadian federal budget included potential changes to tax rules, but the company does not expect them to materially impact its business or investors[128]. - The company has applied a temporary mandatory relief from recognizing and disclosing information related to the global minimum top-up tax, with no material current tax impact for the quarter ended March 31, 2024[184]. Remeasurement and Other Expenses - The exchangeable shares and class B shares were remeasured to reflect a closing price of 22.10perunitasofMarch31,2024[134].−RemeasurementlossonexchangeableandclassBshareswas111 million in Q1 2024, down from a loss of 121millioninQ12023[138].−Netotherexpensedecreasedby27 million to 11millioninQ12024,comparedto38 million in Q1 2023[139]. - Capital expenditures for Q1 2024 included 26millioninmaintenanceand48 million in growth, down from 47millionand96 million respectively in Q1 2023[150].
